Interesting Snippet

The European commission’s Brexit negotiators must strike a “workable” deal with Theresa May’s government to protect the City of London or the economies of the remaining member states will be damaged, a leaked EU report warns.
The document describes it as “critical” for the economic health of the remaining member states that the current financial eco-system is not hit in the coming Brexit negotiations.
The paper, drawn up by officials working for the European Parliament’s powerful committee on economic and monetary affairs (ECON), warns that UK based financial services account for 40% of Europe’s assets under management and 60% of its capital markets business. “And UK-based banks provide more than £1.1tn of loans to the other EU member states”, the ECON secretariat’s paper notes.
“If financial services companies choose to leave the UK as a result of Brexit, the consequences should be carefully evaluated.
“A badly designed final deal would damage both the UK and the other 27 EU member states.


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